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Gap rises after reporting Q1 earnings

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Gap posted an adjusted EPS of 48 cents, topping an expected loss per share of 5 cents. Yahoo Finance's Emily McCormick joined Yahoo Finance Live to break down the other key metrics.

Video Transcript

ADAM SHAPIRO: Let's get back to Emily McCormick. We've got Gap earnings to tell you about.

EMILY MCCORMICK: Adam, we're taking a look here at Gap shares moving higher in after hours trading after the company posted first quarter sales and earnings that beat estimates. Now net sales for the first quarter coming in at $3.99 billion. That was up 89% over last year. It beat estimates for the $3.4 billion expected. And those sales were also up 8% compared to 2019. Now I also want to highlight that online sales at Gap were up 82% compared to 2019, so still seeing strength on the digital side of the business as well.

And then taking a look at the bottom line, the company posting a surprise profit with first quarter adjusted earnings per share at $0.48 versus a loss of $0.05 per share expected. And Gap also posting earnings guidance for the full year that was ahead of expectations. Gap saying that it sees full year adjusted earnings per share between $1.60 to $1.75, whereas consensus estimates were for $1.39. So overall, strong quarter here for Gap. Really, this is one of the retailers that has been benefiting from business reopenings, as well as the economic recovery. We are seeing that reflected in the stock price in late trading. Adam and Seana.